Intervenors Allege Texas/Farmers Settlement Inadequate, Breaches Fiduciary Duty to Policyholders

AUSTIN, Texas - According to interventions filed Dec. 11 in opposition to the settlement between the State of Texas and Farmers Group concerning automobile and homeowners' insurance coverage, the proposed agreement is inadequate, unfair, and breaches the fiduciary duty owed to policyholders by all parties. The State of Texas and the Texas Commissioner of Insurance v. Farmers Group, Inc., et al., No. GV 202501 (Texas Dist. Ct., 261st Jud. Dist., Travis Cty.) and Farmers Insurance Exchange and Fire Insurance Exchange v. Jose Montemayor, individually and in his capacity as Texas Commissioner of Insurance, and Texas Department of Insurance, No. GN …